- Apple Inc (NASDAQ:AAPL), facing mounting criticism of its App Store policies, has defended the platform citing the small-business jobs and revenue it generates, Bloomberg reports.
- The App Store is under intense scrutiny from government officials in the U.S. and Europe, which also have been after Meta Platforms Inc (NASDAQ:FB) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL).
- Also Read: BofA Lists Reasons For Its Bullishness On Apple
- An Apple commissioned study found developers who earned under $1 million from the App Store annually saw total revenue rise 113% over two years starting in 2019. That number reached 118% in the U.S., though it was lower in some countries like the U.K. and Japan.
- The study found that the App Store supported 2.2 million jobs in the U.S. More than 90% of developers were considered small businesses.
- Apple typically charges a 30% fee, but developers who enroll in the company’s small-business program pay 15% since 2020.
- Price Action: AAPL shares traded lower by 0.60% at $139.55 on the last check Wednesday.
